that is when deng xiaoping liberated the country from socialist economics. they held on to mao and the imagery of the party and the people's republic of china. what is so interesting is the word that chinese people use when they describe that moment, the moment when the collective farms and factories were disbanded. the word means in chinese to literally unfetter a prisoner. >> to release. >> exactly. it is such a visceral picture and that is how it feels for people. that is the day when they were sent out on their own to figure out what it meant to be chinese. >> why did deng xiaoping decide to do this? who educated him? >> he is a remarkable story. in the end, it was survival that drove his decision. he recognized he was not an economist, but he was smart and surrounded himself with great economic minds and practical people. they realized that the mao era of economics was leading them to ruin. in 1978, china had a lower standard of living than north korea per capita income. if they continued in that path, everything they fought for would be lost. what he r

he has compared to deng xiaoping. he needed to make a decision but he understood it was cruel.hat do you make of what he did that and what it means about him as a leader? >> for investors looking at the company, it is all slight buying a car in the sense that china is a rocky road. you really need some good shock absorbers. there will often be contradictory things happening in the chinese government. different regulatory systems emerging. the company's promises that they will try to insulate you as much as possible from that. i don't know exactly what was in his mind, but they had to do something to take ownership into private hands, away from foreign ownership, to protect the company. it seems like the company will buy back its interest in alipay in the future. the ecosystem, which is so important to them. >> i wonder what he feels his irresponsible he has already taken the company public once. it is a significant premium to try to take the company private again. >> this second offering is very different. the business model is much superior to the first way. in 2007 this was a

one of the stories he told me is who did he admire most, and he said deng xiaoping. >> his method of government won't would like to follow. i think that was key. that mixture between efficiency and growth. >> it is also politics. politics demand leadership of a special kind. that is essential. >> absolutely. without being rude, we given -- we have been lacking that. politicians have not been, they feel like they can't do the right thing and get reelected if they do the right thing. at some point you have to really just put short-term considerations behind and say our entitlement system is going broke. we can fix it, but it is going in the wrong direction. infrastructure is falling apart. we need to take government seriously. one of the problems with america is that the right things government is a bad thing. the left thinks government is a good thing. we want to protect it as it is. it needs to be reinvented. that doesn't mean getting rid of it. it means bringing it into the 21st century. >> you asked me which later. -- which leader is impressive. possibly the most impressive later o